Edinburgh-based investment management firm Baillie Gifford & Co has announced the IPO of Baillie Gifford US Growth Trust, the new investment vehicle to which it will act as investment manager.
The Company will focus on ‘exceptional growth companies’ in the US, which have the potential to grow substantially faster than the average company over the long term.
It will invest in both listed and unlisted companies, up to a combined maximum of 90 holdings, typically with 30 to 50 listed companies in the portfolio. The maximum amount invested in unlisted securities will not exceed 50% of total assets measured at time of investment.
Shares will be made available to investors by way of a Placing and an Offer for Subscription (including an Intermediaries Offer).
The Intermediaries Offer will provide private investors with the opportunity to participate via most major private investor platforms, including Hargreaves Lansdown, Interactive Investor, AJ Bell and Alliance Trust Savings. The Offer for Subscription (including the Intermediaries Offer) will close at 3p.m. on Monday 19 March 2018, with the Placing closing at 3p.m. the following day.
The Company’s Shares will be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange, with first day of dealings expected to be 23 March 2018.
Full details on how to invest, including copies of the Prospectus and Key Information Document, are available at www.bailliegifford.com/usgrowthtrust.
The Issue Price will be £1.00 per Share, with IPO costs capped so that the opening Net Asset Value per Share will be no less than 98.5 pence.
Tom Burnet has been appointed as Chairman of the Board of Directors, with Sue Inglis and Graham Paterson joining him as additional independent non-executive directors. Full details of their biographies are available in the notes to editors.
Andrew Telfer, Joint Senior Partner, Baillie Gifford & Co, said: “This is Baillie Gifford’s first investment trust launch since 1985. Our proven ability in actively managing US equities and our growing expertise in providing access to a range of exciting private companies should make this new trust a highly attractive investment proposition.
“Certain partners and members of staff of the Portfolio Manager have indicated that they intend to apply for Shares pursuant to the Issue. On the basis of these indications, the Company expects that applications by such persons will exceed £20 million in aggregate.”